To decide whether you’re better off buying a new construction home or a resale home, there are a few important factors to consider.
Is it a better investment to buy a new construction home over a resale one? To find the answer, there are a few important factors to consider. However, there is one key element that defines how to properly address this question. We must first reflect on one of the most important aspects of real estate, period: location, location, location.
If someone tells me they’re thinking of buying a new construction home over a resale, my first question is always, “Where?” Have they picked out a specific community or area? By knowing that, I will know how to advise them best. The reason is that some communities are more negotiable than others, for various reasons, and certain builders have different policies in place, so depending on these two factors along with what is currently happening in the community they’re interested in, it can greatly effect whether resale or new construction is best. By pinpointing these specifics, I’ll be able to help them answer that question more accurately.
“Location is a critical factor in deciding whether to buy a new construction home or not.”
Another point to keep in mind, specifically when it comes to larger builders, is that many are trying to hit sales goals and quotas. Sometimes, the end of the month, quarter, or year can mean a substantial discount for you.
In terms of new construction versus resale, I wish there was a blanket “yes” or “no” answer as to which is better, but it really depends on a variety of factors. My best advice is to focus not only on location, but also the age of the community you’re interested in. Are you buying the first home in a community or one of the last ones? Each answer comes with a different set of risks and rewards, so make sure you analyze that question and understand the potential pitfalls that come with buying in a brand-new community.
In the end, I believe having a knowledgeable agent to help guide you is the best answer. It takes not only knowing the answers to the many questions I’ve noted but assimilating them with the local market in which you are looking…something only an experienced real estate agent, who is intimately familiar with, can do.
If you have any further questions about this topic or you’re thinking of selling a home in the Lake Norman market, don’t hesitate to reach out to us. We would love to help you!